Which statement is correct? O GAAP specifies that property and equipment assets be classified by function between the following headings: Manufacturing, Marketing, Transportation. GAAP allows businesses to determine the classes of property and equipment assets that they disclose; common classes of property and equipment asset are: Land and buildings, Machinery and equipment, Fixtures and fittings. O GAAP specifies the classes of property and equipment assets; the most common being: Land and buildings, Machinery and equipment, Fixtures and fittings O GAAP does not specify the classes of property and uipment assets; but it does require separate disclosure of: Land and buildings, Machinery and equipment, Fixtures and fittings